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David E. Ruskjer of Koloa was charged by a federal grand jury Wednesday for fraudulently raising the money from approximately 140 Among the charges against Ruskjer aremail fraud, wire fraud, currencgy structuring and money laundering. The U.S. Attorney’s office alleges Ruskjer ran an investment and loan programm out of Koloa called Ruskjer Associatesand Dave’s Investment/Loan Program, promising investors returns of 3 percentr to 5 percent per The alleged activities occurred betwee n September 2004 and December 2008. Ruskjer allegedly used half ofthe $16 millio n for trading through TD Ameritrade but lost more than $2.
5 The government said “there was never sufficientt money to support the 3 to 5 percenr interest rates he guaranteed his In classic Ponzi scheme Ruskjer allegedly used money from new clients to pay earliere clients to convince them he was making money for them. When the governmen seized Ruskjer’s trading account and bank accountslast Dec. 11, he had a combinedc balance of $4.1 million.
Ruskjer is accusee of using much of the monety onpersonal expenses, including $528,458i on a condominium on Kauai, $29,000 on a Hondz sedan and $10,000 on If convicted, he faces up to 20 yearz in prison for each of the 17 mail and wire frau d charges, and up to 10 years in prisonh for each of the 30 other charges. The case resultec from an Internal RevenueServicd investigation.
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